Reuters reports that Citigroup has been cleared by an Australian court of insider trading in the first test of a law which governs how investment banks manage potential conflicts of interest between their prop traders and the investment bankers working on live deals.
And here is an important announcement.
It looks like the consortium of banks lead by Royal Bank of Scotland (RBS) will fight on for control of Dutch bank ABN AMRO - even if the Dutch Supreme Court, as is now expected, allows the $21bn sale of ABN's US retail unit LaSalle to go to Bank of America without a vote by shareholders.
Interesting that Bear Stearns Private Equity took the unusual step of issuing the following announcement to The London Stock Exchange Wednesday.
Here's a little something to may you smile.
With UK market regulator The Financial Services Authority concerned that third-parties (hedge funds, journalists and their like) might 'inadvertently' start a merger rumour by mere speculation, here's an example of how two and two can be put together by those not 'in the know', and make five.
Looks like first blood to Barclays in the fight to acquire Dutch bank ABN AMRO. Dutch Advocate General Vino Timmerman, himself a law professor, said Tuesday that the proposed $21bn sale of ABN AMRO's US retail unit LaSalle to Bank of America could go through without a shareholder vote. The opinion is thought to be a strong indication as to how the Dutch Supreme Court will rule on this matter when it reveals its decision next month. The green light for the sale of LaSalle is important for Barclays as its $84.4bn all-share offer for ABN is conditional on the LaSalle sale going through.
Shares in Blackstone fell 7.5% on the second day of the buyout firm's trading on The New York Stock Exchange Monday. The shares rose 13% on the firm's debut on Friday.
Reuters reports that the stress staff who work in investment banks are enduring is leading to an increasing reliance on drugs to get them through high-pressured 100 hour working-weeks.
The Financial Times reports that the battle for the soul (what's left of it) of ABN AMRO is likely to come to a head in September on the news that the formal offer by the consortium led by Royal Bank of Scotland (RBS) looks like being tabled in July. As the newspaper points out, under Dutch takeover rules a tender offer must be left on the table for a minimum of 10 weeks. RBS, Santander and Fortis have all confirmed that their shareholders will be given the opportunity to vote on the proposal some time in early August.